What is VeChain(VET) Coin? - Everything you need to know What is VeChain Cryptocurrency?VeChain is one of the world’s leading blockchain platforms. It is a Singapore based company whose main aim is to solve the real-time problems with IoT devices.
It was founded in 2015 and is a decentralized platform which allows customers and sellers to communicate and interact with each other without the involvement of any intermediary. It is currently the part of the businesses such as Agriculture, Pharmacy, manufacturing, retail, logistics, luxury goods, Wines etc.
VeChain has a team of around 150 employees and their CEO named Sunny Lu is a fluent English speaker with expertise in IT and Information Security across luxury brands.
An Overview of the VeChain FoundationVeChain Foundation is a non-profitable foundation which is responsible for the construction of the network, research, and development.
It provides support to the businesses who are interested in utilizing blockchain technology as a service which includes payment services, private key management, smart contract development, and wallet development.
What does VeChain support?VeChain basically supports the supply chain management. Supply chain Management means management of goods and services which involves product creation to deliver it to the real customer.
It uses VeChain identity (VID) to track the product and these identities are produced using the SHA256 hash function.
VeChain provides the support by storing the details about the product on their blockchain which is secure and immutable. Each of the firms who are involved in using this technology has their separate private keys and they can interact with the rest of the organizations who are involved in that network.
How does VeChain work?VeChain helps to identify Counterfeit by using RFIDs with blockchain. RFID tag is the tag which is attached to the objects to identify and track the product using Electromagnetic fields.
It provides transparency to the customers. It allows manufacturers to assign unique ID like RFID or sensor to the products and that information should be updated at the VeChain blockchain.
Due to this, every party involved in that supply chain will get the details about the products and its handling information.
For e.g: When some drug is issued in one country and is required for usage in another country, the drug needs to be stored at some specific temperature and also it might have some restrictions related to the transport as it can’t be imported via airlines. Thus, to keep a check on all those things, these sensors help the manufacturers to know where the product is an RFID reader is also available through which customer can check if the delivered drug is original or fake.
Expanding VeChain Network
Countries Where VeChain is becoming popular...
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